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Standard Life plc - Annual Report and Accounts 2007
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Development

The Chairman, supported by the Group Company Secretary and General Counsel, is responsible for arranging for all new Directors to receive a comprehensive and structured induction, tailored to their individual requirements. This includes discussions with executive Directors, key members of senior management, the heads of the operating businesses and Group control functions, plus visits to operating businesses within the Group, and meetings with the external auditors and the supervisory team from the Financial Services Authority. The aim of this programme is to give new Directors an understanding of the Group's organisational structure and business activities, the key drivers of business performance, the role of the Company's Board and its Committees, and the Company's corporate governance policies and procedures. When a non-executive Director is appointed to one of the Board's Committees, additional relevant induction training is arranged.

On appointment, the Directors undertake to broaden their understanding of the Group's business and are invited to identify any matters relating to the Group's activities, or to relevant developments in the external business environment, where they would benefit from additional training. During 2007, specific Board training sessions took place on Directors' duties under the Companies Act 2006, and on the FSA's approach to principles-based regulation. If any training needs are identified through the annual appraisal process with the Chairman, the Company makes every effort to meet these either using internal resources or by reference to external expertise.